Today, the CEO of Galaxy Digital Mike Novogratz told the CNBC that Bitcoin is on the road to replace gold and in the end it could reach a value of $ 1,000,000.
“Bitcoin has become a macro resource,” said Novogratz. “And some of the great things are that most people have it on their screens next to gold and silver and s & p. And I think about ten years ago when people thought that we were crazy. And now it is a macro institutionalized resource … it is only becoming institutionalized.”
He stressed that Bitcoin is no longer a marginal investment but part of the traditional financial landscape. He stressed that his volatility is now seen as normal compared to traditional activities.
“We are in a dollar bears market. In the past 15 years, the American exceptional nature has been history. Europeans were widely overweight and Asian are widely overweight by the US stock and we have an administration that wants a weaker dollar. They are quite clear about it,” he said. “Also in the way Trump negotiates. And you can discuss if he is successful or is not successful, but telling Canada that they want to be the 51st state and telling people who come here to kiss his rear part, I don’t generate people to say:” Oh, I want to buy more dollars “.
According to Novogratz, this global shift is pushing investors to activities outside the dollar, including Bitcoin.
“I think most of the Macro funds are experiencing a big year,” he said. “They are short of the dollar, the euro are long, the yen are long, they are Australian for a long time, a basket of currencies are long. Well, bitcoin, gold, silver, platinum, everyone falls within that same category of something that is not the dollar.”
It also indicated the fixed supply of Bitcoin as a key factor behind its growing value.
“There is no more bitcoin,” he said. “The unique thing about Bitcoin as a resource is that it has been created with 21 million coins in total. PERIOD. End of the story. There will never be more than this. But not all those were extracted, it is my point. Not most of them. Many of them have been lost. There have been more bitcoins lost than they will be extracted for the rest of eternity.”
Novogratz believes that the wave of institutional involvement, including companies like BlackRock, is cementing the role of Bitcoin as a saving resource.
“Taurus custody becomes over time … gold is slowly replaced by Bitcoin. And therefore if you look at the capitalization of the gold market and the capitalization of the Bitcoin market, Bitcoin has a long way to go. Just? 10x. And so [is] $ 1,000,000 a bitcoin just to be where gold is found. “